In a recent interview with Coin Rivet, Charles Hoskinson took issue with Craig Wright’s argument that Ethereum (ETH) is a security. According to him, bitcoin maximalism is a flawed idea. He specifically came to the defense of Ethereum (ETH) even though he is no longer a member of the Ethereum team. To quote him,
“It makes no sense to declare Ethereum as a security at this stage. If the SEC were to make that decision, businesses would still use Ethereum around the world and it would hurt a lot of retail investors. I do take a dim view on ICOs but Ethereum is a world apart from let’s say EOS or any of these other cryptos. There were a lot of really bad actors in the ICO space but Ethereum sure as hell wasn’t one of them.”
This is a sign that crypto space is getting more mature. Fighting between crypto communities is actually counterproductive, and does no favors to this space. That’s because the cryptocurrency space is still young. Adoption at scale is still far off, and there is yet to emerge clear and universal regulations governing blockchain technology. In essence, fighting between crypto communities would only give room for unfavorable regulations that could negatively affect the entire space. For instance, the point that Craig Wright was missing in calling Ethereum a security is that, if it were to happen, the implications would be catastrophic not just for Ethereum, but for the crypto market as a whole.
The ripple effect of such a move would drive money away from crypto for good. Crypto space is already volatile, and lots of investors are sitting on the sidelines, waiting for some semblance of stability. Therefore, anything that adds to the volatility at the magnitude of an Ethereum apocalypse would be a deal breaker. In essence, projects need to work together, in supporting the crypto ecosystem. This is the only way to survive and deal with external challenges, and also draw in more adoption. Charles gets it, which is why he supports Ethereum (ETH) even though it is a competitor for Cardano (ADA).
On top of that, by working together, blockchain technology will gain in adoption faster. That’s because, no matter how good a blockchain is, no single one can fulfill all the needs of the market on its own. That’s why interoperability is emerging as one of the most important aspects to blockchain technology. Even Jed has touched on this when spelling out the reasons why they are working on Starlight, a payment channel that also introduces interoperability with other blockchains.
All this points to the increased levels of growth and maturity in crypto space. It’s a reason to be bullish on blockchain technology and cryptocurrencies. Over time, this space will work together even more, and the impact of blockchain technology on society will become clear. That’s the overall goal, one that is way bigger than coin competition, and the pressure to beat the next coin in price in the short-term.